Barclays tempted by caravans

Barclays Private Equity (BPE) will tomorrow announce a two-pronged assault on the staid world of motor homes with a pair of acquisitions worth around £20m.

Barclays Private Equity (BPE) will tomorrow announce a two-pronged assault on the staid world of motor homes with a pair of acquisitions worth around £20m.

The retail bank's venture capital arm has purchased Auto-Sleepers, Britain's leading manufacturer of motor homes. In addition, it has secured one of the industry's largest distributors, Marquis, which owns seven showrooms dotted around the country. Both businesses have been bought from unnamed private individuals.

BPE is backing a new management team for the two groups, to be led by Ian Capes. Stuart Johnson will become finance director of the new company, and James Lancaster the chairman.

John Walker, a director of BPE, is hoping to emulate the kind of growth the motor home market has enjoyed in mainland Europe and to shake off the pursuit's dowdy image on this side of the channel.

"We are looking to develop the rental market to make it much more accessible," he said.

Among the high-profile deals transacted in the last few years by BPE, one of Britain's longest-standing venture capital investors, was the £35m acquisition of Granada Vending Services. This year, it has paid £20m for a 42 per cent stake in Bluvacanze, Italy's leading travel distributor, and backed the £20m acquisition of Aon Corporation's London-based financial advisory division.

BPE's best-known investment is in Luton Airport, a holding which has brought the bank into conflict with Stelios Haji-Ioannou, founder of easyJet, the no-frills airline.

Mr Haji-Ioannou recently blamed Barclays for an increase in the rent charged to airlines flying from Luton, an accusation the bank adamantly denies.